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FAQs

 

How may I obtain a list of the Authorised Agents and Registered Agents of the BVI?

A list of the Authorised Registered Agents of the BVI may be accessed via this website.

What is the difference between an Authorised Signatory and a Staff User in VIRRGIN?

Authorised Signatories must be created by the FSC and are the only users allowed to submit filings that require payment. Staff users are created by the agent at their office once they have access to VIRRGIN. Staff users can submit filings that do not require payment and prepare individual or batch transactions for approval by the Authorised Signatory.

How do I transfer names from one agent to another?

The Registry cannot facilitate the transfer of names from one agent to another. The holder of the approved name must request immediate expiration of the name to allow the second agent to complete the name reservation

If an individual/company was carrying on management functions for a former local company, is the person considered the registered agent for the company?

No. The concept of registered agent was not recognised under the old CAP Companies Act, therefore, the company does not have a registered agent until one is appointed. (Paragraph 46 Schedule 2, Part VI of the BVI Business Companies Act, Transitional Provisions.). However, the registered office previously held will continue to be recognised until a change in registered office is filed.

Can the owners of disabled bearer shares in a grandfathered bearer share company deposit them with an authorised or recognised custodian to terminate their “disability”?

Depositing a disabled bearer share in a grandfathered bearer share company with a custodian would not cure the disability. The available mechanism for doing so lies in paragraph 35(4) of Schedule 2 under which an application may be made to the Court for an extension of time to deposit shares with a custodian or to exchange them for or convert them to registered shares.

What legislation permits captives?

Captives are permitted and able to be formed under the Insurance Act, 2008 and Insurance Regulations, 2009. Other financial services legislation, including the Regulatory Code, 2009 and BVI Business Companies Act, 2004 also contain general and specific requirements governing captives.

What documentation is required to add or change a director, or senior officer?

To add a director or senior officer, a BVI insurer, insurance manager and insurance intermediary are all required to seek the prior written approval of the BVI FSC (this applies to all companies including captives which are BVI business companies, i.e. companies incorporated in the BVI). The company is required to complete and submit to the FSC - an application which provides full details of the applicant, the expertise of the director or senior officer and due diligence information. Full requirements are covered in the Guidelines for the Approved Persons Regime which is published by the BVI FSC.

A BVI insurer, insurance manager and insurance intermediary is required to notify the BVI FSC within fourteen (14) days of the event, when a director or senior offices ceases to hold office with or to be employed by the licensee.

A foreign insurer is required to notify the BVI FSC within fourteen (14) days of the event, of changes in director and senior officers.

 

What are the minimum requirement for a Restricted Trust Licence?

The minimum requirements for obtaining a Restricted Trust Licence are: proven trust experience and the applicant must meet our "fit and proper" criteria. There are no minimum capital requirements. Special Note: These requirements are by no means exhaustive.

What is the annual licence fee for banks and when are they payable?

  1. General Banking Licence: twenty thousand dollars (US$20,000)
  2. Restricted Class I Banking Licence: sixteen thousand dollars (US$16,000).
  3. Restricted Class II Banking Licence: sixteen thousand dollars (US$16,000).

Payment of these annual licence (renewal) fees is due during the month of January

What can I do if I have a complaint against a bank in the BVI?

Should you have a complaint against a BVI bank, you are invited to write to the bank explaining your concerns and ask that your request be reviewed by a senior officer or manager of the bank (one who is not directly involved in the complaint). The BVI Financial Services Commission is responsible for the supervision of banks in the British Virgin Islands and does not have the authority to act as arbitrator between parties to a dispute. Albeit, if you feel that the bank has not addressed your concerns the Commission will act mainly as an intermediary, between the complainant and the bank (delete - in question), and seek to establish a factual account of the situation. The Commission will work towards determining whether any violation of laws, regulations and/or policy guidelines has occurred. Complaints are to be made in writing by letter, fax or email to the BVI Financial Services Commission (Commissioner@bvifsc.vg).

How do I pay for transactions using VIRRGIN?

VIRRGIN supports payments for transactions using credit cards, electronic cheques, electronic funds transfer, and a prepaid deposit account. You may start a deposit account with the FSC and payment for transactions using VIRRGIN are automatically deducted from your available balance.

What do I do when I receive a defect notification?

On receiving a defect notification, please use VIRRGIN to correct and return the filing. Additionally, please alert staff when a defective transaction is selected from the drop down list because the transaction is automatically saved to the staff’s profile that is handling the filing and cannot be accessed by Registry or other agent staff.

How much time does a company have to appoint a registered agent?

A company had two months from the date of automatic re-registered to appoint a registered agent. An amendments to Schedule 2 of the Act is being considered to extend this period beyond 2 months and if this occurs the public will be notified accordingly. However, former local companies are strongly advised to ain to comply with the current requirements of two months (which ends of 28 February, 2009) within which to appoint registered agents.

Can a grandfathered bearer share company whose memorandum was amended by operation of law under paragraph 34A(1) amend its memorandum to allow the company to issue bearer shares, convert registered shares to bearer shares or exchange registered shares for bearer shares?

The Act does not prevent a grandfathered bearer share company whose memorandum was amended by operation of law under paragraph 34A(1) of Schedule 2 from amending its memorandum to allow for the issue of bearer shares and the conversion/exchange of bearer shares to registered shares. The provisions of section 13 of the Act would apply and the relevant application form is R204. The amendment would not, however, relate to the disabled bearer shares but to the issue of prospective bearer shares and the conversion/exchange of same to/for registered shares.

What is the total asset size of the captive sector and what is the total premium volume?

Current statistics on the captive (and other sectors) may be found in the most recent edition of the BVI FSC Statistical Bulletin.

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